Bloomberg Statoil ASA gave the final go-ahead to a flagship Arctic oil project after slashing costs by half. While expected, the move by Norway’s biggest oil company is a boost to a region seen as key to arresting a decline in the country’s production. In a striking illustration of how oil companies have adapted to lower prices, Statoil cut estimated ...

Bloomberg Petroliam Nasional Bhd’s South African unit, Engen, and Vivo Energy Holding BV agreed to a deal worth as much as 3.5 billion rand ($256 million) to combine some of their African fuel-retail assets, according to people familiar with the matter. The deal represents about 20 percent of Engen’s equity value, said the people, who asked not to be identified. ...

Bloomberg Crude production from the Organization of Petroleum Exporting Countries dropped again in November to a six-month low. Total production fell 80,000 barrels a day to 32.47 million a day last month, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. That was the lowest level since May, when output was 32.29 million. Angola led the ...